THE SCENARIO
I went on a cruise with my wife. All told, with tips, excursions, and drinks, the cost came in at $2,000.
I put the entire balance on a credit card I never use for anything else, and I pay the (initial) minimum required payment of $40 every month until it's paid off.
The card charges me 13.99% interest on my balance.
The question is: How much do I pay my credit card company for my $2,000 vacation?
THE SOLUTION
This one has two parts.
First, I have to find out how many payments I have to make.
Then I have to multiply that by my $40 monthly payment in order to determine the total amount I pay to my credit card company for my $2,000 vacation.
Step 1
First things first, make sure the calculator is using 12 Payments per Year.
N: (this is what I'm trying to find...
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